Great Lakes Advisors LLC Lowers Stake in Merit Medical Systems, Inc. $MMSI

Key Points

• Great Lakes Advisors LLC has reduced its holdings in Merit Medical Systems by 2.9% in the first quarter, now owning 126,622 shares valued at approximately $13.39 million.
• Merit Medical reported strong quarterly earnings, posting $1.01 earnings per share, surpassing analyst expectations and achieving a revenue of $382.46 million, a 13.2% increase year-over-year.
• Around 99.66% of Merit Medical's stock is owned by institutional investors, highlighting significant institutional interest in the company.

Great Lakes Advisors LLC reduced its holdings in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI - Free Report) by 2.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 126,622 shares of the medical instruments supplier's stock after selling 3,772 shares during the period. Great Lakes Advisors LLC owned approximately 0.21% of Merit Medical Systems worth $13,385,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Fred Alger Management LLC lifted its stake in shares of Merit Medical Systems by 22.9% in the 1st quarter. Fred Alger Management LLC now owns 154,707 shares of the medical instruments supplier's stock worth $16,354,000 after acquiring an additional 28,793 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Merit Medical Systems by 16.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 719,313 shares of the medical instruments supplier's stock worth $76,039,000 after acquiring an additional 103,878 shares during the period. Petrus Trust Company LTA lifted its stake in shares of Merit Medical Systems by 16.3% in the 1st quarter. Petrus Trust Company LTA now owns 5,474 shares of the medical instruments supplier's stock worth $579,000 after acquiring an additional 769 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Merit Medical Systems by 4.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,967 shares of the medical instruments supplier's stock worth $3,908,000 after acquiring an additional 1,436 shares during the period. Finally, Greenhouse Funds LLLP lifted its stake in shares of Merit Medical Systems by 1.1% in the 1st quarter. Greenhouse Funds LLLP now owns 407,787 shares of the medical instruments supplier's stock worth $43,107,000 after acquiring an additional 4,459 shares during the period. Institutional investors and hedge funds own 99.66% of the company's stock.

Merit Medical Systems Price Performance

Shares of NASDAQ MMSI traded down $4.68 during midday trading on Friday, hitting $85.53. The company had a trading volume of 700,190 shares, compared to its average volume of 487,460. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The business has a 50-day simple moving average of $87.85 and a two-hundred day simple moving average of $93.29. Merit Medical Systems, Inc. has a twelve month low of $81.04 and a twelve month high of $111.45.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.16. The company had revenue of $382.46 million during the quarter, compared to analysts' expectations of $372.47 million. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The firm's quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 earnings per share. Equities research analysts anticipate that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MMSI. Needham & Company LLC restated a "buy" rating and issued a $108.00 target price on shares of Merit Medical Systems in a research note on Friday, July 18th. Wells Fargo & Company reduced their target price on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Piper Sandler reduced their price objective on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Raymond James Financial reduced their price objective on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Finally, Barrington Research reiterated an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $107.00.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, Director Lynne N. Ward sold 3,000 shares of Merit Medical Systems stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $88.56, for a total transaction of $265,680.00. Following the completion of the transaction, the director owned 12,809 shares in the company, valued at approximately $1,134,365.04. The trade was a 18.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.70% of the company's stock.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.